"16 October 2017" Archive

Enjoy the Crackers Stall of GST!

Arjuna (Fictional Character): Krishna, On the occasion of Diwali everyone purchase the different types of crackers. Now a days, so much discussion is being made on crackers. In court also, Law and cracker is being co-related with one other. ...

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Criteria for Settlement Mode of Commodity Derivative Contracts

SEBI/HO/CDMRD/DMP/CIR/P/2017/116 (16/10/2017)

In order to effectively discharge their hedging function, commodity derivative contracts must be anchored to their respective underlying physical markets. An appropriate settlement mode and/or presence of other supporting conditions play a crucial role in ensuring convergence of prices between the derivatives market and the spot market....

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Transfer of Shares to IEPF Authority- Demat Account Details

General Circular No. 12/2017 (16/10/2017)

The IEPF Authority has opened demat accounts with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL) through Punjab National Bank and SBICAP Securities Limited respectively, as Depository Participants . The details of said accounts are as under:...

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PML (Maintenance of Records) Fifth Amendment Rules, 2017

Notification No. 6/2017 (16/10/2017)

Obtaining a certified copy by reporting entity shall mean comparing the copy of officially valid document so produced by the client with the original and recording the same on the copy by the authorized officer of the reporting entity in a manner prescribed by the regulator....

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Deletion of Penalty in case of Bonafide belief supported by Factual Circumstances & Decision

DCIT Vs American Express India Pvt. Ltd. (ITAT Delhi)

Deletion Of Penalty In Case Of Bonafide Belief Of An Assessee: Especially When The Action Of Assessee Is Supported By Factual Circumstances And A Decision- Section 271 (1)( c) of the Income Tax Act, 1961 deals with the penalty in respect of failure to furnish returns, comply with notices, concealment of income, etc....

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Request for extension of date of filing of Tax Audit Report & ITR

Rajasthan Tax Consultants' Association, Jaipur has requested to CBDT Chairman for extension of date of filing of Tax Audit Report and ITR in Audit cases for A.Y. 2017-18 to 30th November 2017 ...

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Notice to non-filers of GSTR returns – GSTR-3A

Introduction:  This article discusses in detail about notice to non-filers of GSTR returns.  All Taxable persons registered under GST are required to file GST returns periodically. The due date and the type of return to be filed varies based on the type of GST registration obtained by the taxpayers. Regular taxpayers registered under GS...

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Analysis of GSTR 3B Late Fees levied on GSTN Portal

You might have received complaint about late fee being applied in case of Sept month 3B. This is not for any delay on filing of Sept month as we have not reached 20th Oct. It is on account of late filing of return for previous period. The system does entry into ledgers from 3B return on […]...

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GST: Honest intention & implementation is essential

There is serious problem in Notification No. 33/2015-20 dated 13.10.2017 related to the advance authorization issued by the DGFT. The prior import condition is not just & proper as it is simply interference in how the beneficiary of the entitlement conducts his business. Please note that hitherto this condition was only applicable in ...

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Gist of 41 notifications giving effect to 22nd GST Council Decisions

To give effect to the changes suggested, around 41 new Notifications and an Order were issued by the Government on October 13, 2017, under CGST, UTGST, IGST and Compensation Cess. ...

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